Crypto Exposure Is Now Being Provided By Banks Representing $2 Trillion In Assets, Bitwise CEO Says

Banks With $2 Trillion In assets Are Now Providing Clients With Crypto Exposure

One of the biggest crypto index fund managers in the world is providing a special perspective on the current adoption of cryptocurrencies.

Hunter Horsley, CEO of Bitwise Asset Management, discusses the sorts of investors and trends his company is observing as Bitcoin pushes through a new bear market phase in a recent interview with Real Vision.

Horsley claims that private banks and broker-dealers are starting to enter the digital asset market, in addition to working with thousands of self-directed high-net-worth individuals, tens of thousands of public shareholders of its publicly traded products, about 1,000 independent advisory firms, and a few dozen institutions.

“More recently, [there’s been] a really fascinating development just in the last, I want to say nine months. There are seven private banks and broker-dealers that have put our products on their platforms for their advisors and clients to be able to get access to the space.

The platforms that over the last nine months or twelve months, it’s been recent and ramping [up], are approving our products to get crypto exposure. They represent $2 trillion in assets and tens of thousands of advisors and millions of accounts.”

Additionally, according to Horsley, the firm is hiring more institutional advisers at a quick rate.

“In 2020, 6% of advisors said that they were allocating client money to crypto. That grew 50% year-over-year into 2021 to 9%. Still small. Meaningful because it’s a giant audience, but small. This year it’s supposed to grow another 70% to 16% of advisors allocating.

If you play that forward you’re at 50% of this segment having allocated by 2024. So it still feels early because 9%, 16%. Those don’t feel like everyone I talked to. But the rate is what’s important and the rate is a wave. A wave that’s gathering steam.”

In 2017, Bitwise launched its first cryptocurrency index fund. With $1.3 billion in assets under management, the company currently provides 14 crypto funds, exposure to more than 30 different crypto assets, and 10 NFT collections.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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